Holding on forever

Discussion in 'Silver' started by Slimey, Oct 22, 2019.

  1. Slimey

    Slimey Active Member

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    If you never sell your silver then you will be worse off than if you never had bought it to begin with.
    My friend collects a particular product and has over the years spent a significant fortune. Yes, the products have significantly increased in 'value' but I doubt my friend will ever sell. In reality, their life has actually been constrained because of these purchases. The net result is negative. It becomes the 'richest man in the cemetery' scenario. Missed out on so much but look at the impressive headstone.
    Something to keep in mind for the future.
     
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  2. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    I know an old bloke who has been buying gold for 40 years
    Never sells anything
    And recently admitted he will never sell & die with it all
    And what has he achieved ?
     
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  3. Gonzo

    Gonzo Active Member

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    Ability to sleep well at night? Knowledge that if the a bad financial storm sweeps the Earth he's likely to be protected? Maybe he just likes shiny things? I know I do.
     
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  4. Gonzo

    Gonzo Active Member

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    I guess all hobbies (such as collecting) can become all consuming quests which may be deleterious to someone's situation however I also imagine that your friend derived a lot of pleasure from his collection at the expense of other material things. The net result being negative... that's a hard thing to judge.

    One lesson I've learnt that it's better to shed things from your life rather than collect them... most things promise something (in your mind) of how it'll improve your life but people often don't consider the negatives also associated with any product e.g. maintaining that shiny new car, the latest tech product having a glitch etc
     
  5. Silver260

    Silver260 Active Member Silver Stacker

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    This is a subject I wrestle with on an almost daily basis.

    The above statement can be applied to the accumulation of anything. Property, Cash, Shares, the list goes on. I'm sure we've all known at least one person who died "wealthy", and asked the question, what was the point?

    At the end of the day, literally, I think it must be about what makes you truly happy?, surely?

    Some people value the acquisition of stuff, some people their contribution, and others their relationships with those around them. And it's all of the above for others.

    Ultimately, the question should be... What is the actual point of existence?
     
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  6. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    Alanis Morissette wrote a song about it.
     
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  7. Gonzo

    Gonzo Active Member

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    To enjoy it.
     
  8. ozcopper

    ozcopper Administrator Staff Member

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    If you have children, Having assets that helps them in the future is a good thing.
     
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  9. ozcopper

    ozcopper Administrator Staff Member

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  10. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    Nope not that one
     
  11. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    Sorry was thinking of Sheryl Crow
     
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  12. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    You could view it as a hobby, like stamp collecting, except it could actually be worth something during a SHTF scenario.
     
  13. mongrelmaple

    mongrelmaple Well-Known Member Silver Stacker

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    There is a justification to holding part of your stack forever...

    If you’re both a ‘collector’ and ‘low premium’ type of stacker like I am, I think it’s perfectly fine if you choose to hold onto the parts of your stack that are higher premium and you collect simply for the joy/hobby, like I do with kook rolls and a set of the QB coins in all their different sizes. They’re not cheap, but I enjoy collecting them.
    As for the low premium portion, I certainly wouldn’t hold that forever. When the time comes, I’ll look to offload that and make the most of that opportunity.
     
  14. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    Personally, it's no one else's bloody business. Buy his shoes and live his life for a while and then make judgement. I've lived a life of wine, woman and song and have constantly been criticised for not having the virtues of the above examples. Different horses for courses!
     
  15. Jim4silver

    Jim4silver Well-Known Member

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    It will depend on how a person looks at their PM stack. For example,

    1. If you have certain bars and coins that you bought because you like them (like works of art), then you should hold them without plans to sell. And don't sell unless you get tired of them and want to use the funds for a new piece of art or similar.

    2. If you bought the metals as an "investment", then you should have plans already in place regarding what you will do with the metals when they either hit a certain high point, or a certain low point. Just like if you were holding shares of stock. You should not have any emotional "attachment" to your investment metals like you might with works of art.

    3. If you bought the metals as a hedge against Armageddon, then don't think about selling them and instead pass them down to your heirs.

    I think most people hold for reasons 1 and 2, but believe they are holding for reason 3.
     
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  16. JOHNLGALT

    JOHNLGALT Well-Known Member

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    At the end of your life if you don't have enough SILVER to get up there, you can always use your GOLDEN STAIRS to get through the pearly gates:

     
  17. JOHNLGALT

    JOHNLGALT Well-Known Member

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    "Ultimately, the question should be... What is the actual point of existence?" asked Silver260.

    To enjoy it. Says Gonzo & ELVIS.

     
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  18. SilverDJ

    SilverDJ Well-Known Member

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    And you don't know how long you are going to live for. What if you live to be 100+ ?
    Having all that built up wealth is not a bad thing.
    Die early, no problem it goes to your kids. Die really really old, well it's helped you live decent lifestyle for all that time.
     
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  19. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    Some of my stack I wouldnt sell but any of my eagles or generic bars and rounds I would get rid of easily.
    I hope to stack ounces and ounces and leave my kids and wife something when i go. If i need it later I will have it. Its the best savings I know of at this time.
    I wouldnt hesitate to sell a third or more of the time was right.

    Maybe they guy that has bought for 40 years has never needed the money and has been smart. That would be my guess. Lucky him.
     
  20. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    I don't want to be buried with my stack but know of many people who have to sell everything to get into a retirement home and those things are something like $1200 a week to live in. My superannuation isn't going to cover that and selling the house will only get me so long a stay. The silver should help me out at the end of my life even though it is doing nothing for me now.

    I should probably sell the silver and put the money into the offset account for the mortgage as that way it will save me lots on the interest repayments over the next 20 years, more that it would make me in spot price changes. It would also save me space and it would be one less thing to worry about.

    However I probably won't do that even though it makes sense. It is a bit of an effort, but I probably have as much energy for that now as I ever will.

    This recent spike has interested me a bit, if it does something like that again in the near future I might start to look at unloading some of the excess coins, but I always worry that the price will keep rising and I will miss out on even more returns.
     
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